Non Resident becomes Resident.

Krishna (Assistant) (574 Points)

22 January 2023  
Sir
Assessee is a R&OR during the year as per IT Act but as per FEMA he is PROI i.e. stayed in India for more than 182 days but left India for employment purposes.
My Question is whether interest earned on NRE FDs is taxable or exempt us 10(4)(ii)?. As per this sec. if interest earned on NRE FDs made as per FEMA 1999 & by PROI then Interest is exempt. Please clarify this
issue. Thanks